Recommended browsers

Legal & General Sign £4bn Oxford Deal

Legal & General has agreed a £4bn real estate deal to build housing and academic facilities for the University of Oxford.

The 50-50 joint venture with the university will see L&G act as a funding and development partner, helping to deliver a series of projects including new homes for staff and students, as well as new science parks.

The first phase of the development will result in the delivery of 1,000 subsidised homes for college staff, 1,000 units of graduate accommodation and 1,000 homes to sell on the open market.

The joint venture will also lead to the development of science and innovation districts in and around the city.

L&G's chief executive, Nigel Wilson, said: "Our partnership with Oxford University is leading the way in bringing together dynamic cities and patient capital, creating great outcomes for long-term investors and for the cities themselves."

L&G has indicated it could replicate the joint venture with other educational institutions in the future.

Meanwhile, Professor Louise Richardson, vice-chancellor of the University of Oxford, added: "My colleagues and I are delighted to have formed this partnership with Legal & General."

"We look forward to working together to address some of the most pressing challenges facing the university today."

"Building graduate accommodation is much needed, as is subsidised housing for university staff and new science parks, in which academic departments, university spin-outs and commercial partners can work together to create new companies as well as high-quality jobs."